Cattle on feed numbers have started to tighten with smaller placements in June and July, resulting in the August 1st inventories being below year ago levels for the first time in over a year. While they remain above the five-year average, fed cattle marketings are expected to tighten throughout the second half of the year…

Ample fed supplies have continued to move through the system with strong slaughter levels in the first quarter. Strong domestic and international demand has kept fed prices above last year’s levels and the five-year average. Although cash fed prices have not been high enough for feedlots to be profitable, fed prices are in-line with 2017…